Villa Nova in Newport sold for $6 million

The Villa Nova restaurant property in Newport Beach was auctioned Thursday; the $6 million winning bid came from Michael Moshayedi, who also owns the property where Joe's Crab Shack operates. He is expected to lease the restaurant to The Winery.SAM GANGWER, ORANGE COUNTY REGISTER

In a restaurant auction that lasted a heart-stopping 22 minutes, the old guard bid farewell to a coveted coastal property while its hipster successor waited eagerly in the wings.

Capping a 20-year run as owner of Villa Nova, Andy Crean sold the premium property along Mariner's Mile last week in an auction that came down to a nail-biting bidding war in the final minutes. In the end, Newport Beach resident Mike Moshayedi, who owns the Joe's Crab Shack property nearby, snagged the landmark location for $6 million.

Moshayedi said he will entertain offers to bring a new restaurant to the site. So far, his top choice is The Winery Restaurant & Wine Bar, a contemporary fine-dining restaurant in Tustin.

Clow nervously watched as early bids escalated from $1.5 million to $5.1 million in less than three minutes.

When a rival bidder offered $5.85 million, Moshayedi appeared ready to throw in the towel. Sensing possible defeat, Clow quickly whispered encouragement in Moshayedi's ear. "Get it. Get it. We'll do well," he told his prospective new landlord.

Moshayedi, unwilling to play around, eventually called out his final bid. "$6 million was it. I would not have gone one more dollar after that," he said the next day.

Clow has been scouting coastal Orange County locations for a second Winery. Earlier in the year, he and Moshayedi had been negotiating a deal with Crean, but those talks fell through, which led to last week's auction.

If they nab the lease, Clow and his team of investors plan to gut the two-story building "down to the studs and slab" with an eye toward maximizing the restaurant's breathtaking views of Newport Harbor. If the restaurant opens later this year, The Winery's award-winning executive chef Yvon Goetz will move to the Newport Beach location.

*****(3/26 Update: The Winery and Moshayedi signed a lease agreement. It is a done deal. The Winery will open later this year.)****

"It's a gold mine. The Winery will absolutely kill it here," said Clow, wearing a pin-striped vest and tie.

Thad Foret, former managing partner at Antonello Ristorante in Santa Ana, would be the general manager. Foret, who said he got nauseous during the auction, said he expects The Winery to attract locals as well as far-flung foodies seeking a modern culinary experience along Mariner's Mile.

"We see it as a new-generation restaurant for the area," Foret said.

Ray Jacobi, managing partner of The Ritz Restaurant, was among the crowd of 50 or more auction observers. The Ritz's lease with the Irvine Co. expires March 1, 2014. Jacobi has been looking for a new location for the landmark restaurant for more than a year.

Jacobi said three of the eight bidders were developers that The Ritz could have worked with on relocating the restaurant. Though The Winery is the likely choice for replacing Villa Nova, Jacobi said he wouldn't rule out contacting Moshayedi about moving into the glamorous location.

Related Links

The Villa Nova restaurant property in Newport Beach was auctioned Thursday; the $6 million winning bid came from Michael Moshayedi, who also owns the property where Joe's Crab Shack operates. He is expected to lease the restaurant to The Winery. SAM GANGWER, ORANGE COUNTY REGISTER
Michael Moshayedi, left, talks with JC Clow, managing partner of The Winery, center, before making the winning bid of $6 million for the Villa Nova property. Moshayedi, who also owns the property where Joe's Crab Shack operates, is expected to lease the restaurant to The Winery. SAM GANGWER, ORANGE COUNTY REGISTER
Linda and Andy Crean pose in front of their former restaurant, Villa Nova in Newport Beach, with new property and restaurant owner Michael Moshayedi. SAM GANGWER, ORANGE COUNTY REGISTER
Michael Moshayedi is congratulated after making the winning bid of $6 million for the Villa Nova restaurant property Thursday. Moshayedi, who also owns the property where Joe's Crab Shack operates, is expected to lease the restaurant to The Winery. SAM GANGWER, ORANGE COUNTY REGISTER
The view from the first floor of Villa Nova restaurant in Newport Beach. The Winery's JC Clow said he wants to take advantage of the restaurant's great coastal views and will compete for the lease to operate a restaurant. SAM GANGWER, ORANGE COUNTY REGISTER
A group of investors make a bid on the Villa Nova property in Newport Beach Thursday. SAM GANGWER, ORANGE COUNTY REGISTER
The bar in Villa Nova restaurant in Newport Beach. The restaurant and property were auctioned off Thursday. The $6 million winning bid came from Michael Moshayedi, who also owns the property where Joe's Crab Shack operates. He is expected to lease the restaurant to The Winery. SAM GANGWER, ORANGE COUNTY REGISTER
One of several wine storage units not included in the auction of Villa Nova restaurant and property in Newport Beach. The winning bid was $6 million. SAM GANGWER, ORANGE COUNTY REGISTER
The main dining room at Villa Nova restaurant in Newport Beach. The restaurant and property were auctioned off Thursday. The $6 million winning bid came from Michael Moshayedi, who also owns the property where Joe's Crab Shack operates. He is expected to lease the restaurant to The Winery. SAM GANGWER, ORANGE COUNTY REGISTER
A pair of possible bidders walk through the main dining room of Villa Nova restaurant in Newport Beach before the restaurant and property were auctioned on Thursday. SAM GANGWER, ORANGE COUNTY REGISTER
A wall full of celebrity photos shows famous clientelle of the Villa Nova restaurant in Newport Beach. SAM GANGWER, ORANGE COUNTY REGISTER
The second floor of Villa Nova restaurant in Newport Beach. The restaurant and property were auctioned Thursday. The $6 million winning bid came from Michael Moshayedi, who also owns the property where Joe's Crab Shack operates. He is expected to lease the restaurant to The Winery. SAM GANGWER, ORANGE COUNTY REGISTER

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